Wednesday, October 8, 2008

"Dancing with the IRS"

Last week, Helio Castroneves, two-time Indianapolis 500 winner and TV’s "Dancing with the Stars" champion, was indicted on tax evasion charges. This is the 2nd major celebrity this year to be indicted on tax charges with the IRS.

On Thursday, a grand jury indicted Castroneves on charges of conspiracy and six counts of tax evasion for purposely failing to report to the IRS about $5.5 million in income between 1999 and 2004, according to court documents. Each count carries a maximum five-year prison sentence.

I have stated many times before that NOW is the time to get your tax situation fixed; don’t allow the IRS to decide your fate. The IRS itself is saying it's going to ramp up collections and crack down on “tax shelters”.

"This case sends a clear message that the IRS is committed to vigorously enforcing the tax laws and stopping offshore tax evasion," IRS commissioner Doug Shulman said.

Again, do not wait for the IRS to step in, you MUST get into compliance and remove yourself from active collections by getting into a resolution! Why would you want to sit on the IRS collections radar?

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